A Little More Goes a Long Way When Saving

The longer your savings timeline, however, the faster you can get there based on slight changes to your monthly savings.

Instead of a vacation, say you wanted to save $20,000 for a down payment on a home and had five or six years to set aside the money. If you start saving with $2,000 already in your MMA, you'd have to set aside $228 a month to reach your goal in six years. If instead you could find $250 -- not even $25 more -- to save each month, you'd reach your goal six months faster.

A specific savings goal can be a powerful motivator. For example, you might be less likely to splurge on an impulse purchase like a new golf club or flat-screen TV if you realize how that might delay your Caribbean vacation or your dreams of owning a home.

By using the calculator to adjust the monthly savings amounts, you can see how much sooner you can reach your goals by changing the amount you contribute each month.

Even better? By setting a savings goal and sticking to it, you don't have to feel guilty about spending all that money on a vacation or a new car. And by paying it off beforehand, you'll avoid putting yourself into debt by carrying the balance on a credit card with rates as high as 15% to 20%. The absence of guilt and debt makes sitting on the beach or swimming in the ocean a lot more enjoyable.